[TAX] Review of tax compliance procedure for undisclosed foreign assets

For sev­er­al years, many coun­tries have been intro­duc­ing mea­sures designed to pun­ish tax­pay­ers who fail to dis­close their for­eign assets to the tax author­i­ties. The OECD has issued sev­er­al dec­la­ra­tions hail­ing the end of the use of bank­ing secre­cy for tax pur­pos­es and indi­cat­ing that the time has come for coun­tries to auto­mat­i­cal­ly exchange infor­ma­tion.…